No. of Recommendations: 7
Hello everyone--

I wanted to follow-up on a couple of posts I made to let everyone know what the situation was.

If you remember from this post I was debating on which property to buy. I bought the duplex for $79K. It appraised at $84.5K. I was happy about that. The other property has been taken off the market (I don't think it sold) so once I get the down payment I'll be making an offer on that property. I am in process of opening up a HELOC for this property for the down payment and repairs, or using this HELOC to buy properties and flip them and using that cash for this property. We'll see what happens.

If you remember this situation I was looking for advice on what to do. I decided to ask the tenant to leave the property and I would take her security deposit as her lease break age fee. She was amicable to this and it helped me avoid the court system. Unfortunately I learned a valuable lesson that when you take someone's security deposit they leave the place a mess. Since then I have been over there every night for the past week painting and cleaning to get it ready for the next tenant. I have someone who is ready to move in immediately and for $100 more per month so it will only take me a couple of months to come out of the hole so to speak. This situation has worked out OK, and I would probably do it again this way, but I would hire someone to paint so that I could have rented it out a week ago rather than in a couple of days.

Also, I've decided to join. I am cancelling some magazine subscriptions to "pay" for this cost, but I think the Fool is more valuable then the magazines anyway.

Fool on!!
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